June 5, 2025 • 15 mins
Yo, if you're looking to dive into real estate and wanna save some time, this chat is for you! We're hangin' with Ken Sykes, a total pro who's been hustlin' in the game for over 20 years. He’s all about making wholesaling painless, helping newbies understand the ropes without all the stress. Ken spills the tea on how to market yourself, analyze deals, and keep those emotions in check when it comes to numbers. Plus, he’s got some solid advice on partnering up and what to look for in a joint venture. So grab a drink, kick back, and let’s get into the nitty-gritty of real estate investing!
Master Wholesaling Deals with These Pro Tips! 💼
Visit https://www.paynelessflipping.com to learn how to do real estate deals the payneless way!
Diving deep into the world of painless wholesaling, this episode features the one and only Ken Sykes. Ken’s got some serious street cred in the real estate game, bringing 20 years of experience to the table, and he's not just flexing his resume. He’s all about helping new wholesalers navigate the tricky waters of the industry, especially when they’re coming in from other training programs. The convo kicks off with Ken explaining how he’s transitioned from a real estate agent to a wholesaler and investor, and how he’s made it his mission to provide that one-on-one coaching that many newbies crave. You know, the kind of guidance that’s less about just throwing info at you and more about holding your hand through the entire process — from A to Z, baby!
Ken dives into the nitty-gritty of wholesaling, emphasizing the importance of understanding marketing and the emotional rollercoaster that comes with it. He tells it like it is: a lot of folks come in thinking it’s all rainbows and butterflies, but it’s really about rolling up your sleeves and getting to work. We get some juicy tidbits on how to analyze deals and the right way to comp properties. Ken's got a team of compers that help him nail those numbers, ensuring that he’s not leaving money on the table but also not overestimating repairs. It's a blend of art and science, and trust me, you don’t want to miss how he breaks it down.
The episode wraps up with a solid discussion on joint ventures and how to negotiate splits — yeah, it’s not as straightforward as it seems! Ken shares some of his experiences with JV deals and the importance of communication in keeping the process smooth. Spoiler alert: it’s all about trust and effort, folks. If you’re looking to dive into wholesaling or just curious about how to make your investments work for you, Ken’s insights are pure gold. So, grab your notepad and get ready for some real talk!
Takeaways:
- If you're looking to invest in real estate like a boss, check out investorthrive.com for some super handy training to help you close more deals, even with fewer leads.
- New to wholesaling? Ken Sykes offers one-on-one coaching to guide you from step A to Z, making the process less painful and way more manageable for newbies.
- Remember, it’s not just about knowing the book stuff; you gotta know how to apply it in real-life situations, or else you're just spinning your wheels, fam.
- In the world of wholesaling, emotions gotta take a back seat. It's all about the numbers, baby! If it doesn't make sense financially, don't force it.
- When analyzing deals, it's crucial to do your own calculations instead of relying on what the seller says; trust me, it'll save you a ton of headaches later on.
- Networking is key! Ken emphasizes the importance of relationships in real estate, so make those connections and keep the convo going.
Companies mentioned in this episode:
- investorthrive.com
- Astral Flipping
- Pace Moby
- Jamel
- Batch Leads
- Prop Stream
- Privy
- Zillow
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
If you want to save time andlearn how to invest in real estate
faster, go toinvestorthrive.com to master the
sales process from ourtraining so you can close more deals
with less leads.
Even if you're only doing thispart time, or if you don't know where
to start and need help, giveme a call at 385-398-9862 and let's
chat.
All right, what's going on, Ken?
(00:20):
This is Investor ThrivePodcast, and we're glad to have you
on here.
How you doing, Ken?
I'm doing great.
Yourself?
Good, good, good, good.
I appreciate you taking yourtime to be on the Investor Thrive
Nation podcast.
We call this the PainlessWholesaling podcast because what
we try to do is makewholesaling painless.
That's the goal here.
That's right.
That's.
That's right.
Right.
And you've been doing a good job.
I've been following you.
Hey, man, I thank you.
(00:41):
I appreciate that.
So, yeah, let's just kind ofdive right in, man.
I meant we.
We've kind of got networked.
That's kind of how I meet alot of people, just through networking
and stuff.
So let's kind of find out.
For people that don't know whoyou are, tell us who the real Ken
Sykes is.
Real cancer.
You know, they titled me Can'tKeep It a Real Sykes.
But, you know, I thrive onthat name because.
Let me introduce myself first.
I'm Ken Sykes.
(01:01):
I am a prior real estate agentfor 15 years some time ago, but now
I am a wholesale slashinvestor slash dispo is, which is
what I major in now.
And I try working with new wholesalers.
That's basically what I do ina nutshell.
Been in the business total nowfor 20 years.
And I just try to do what Ican do and help how I can help.
I love it, man.
I love it.
So you what, when you say workwith new wholesalers, what are you
(01:21):
mainly helping them do?
Well, basically a lot of themcome from, you know, other.
Other outfits, you know, Imean, like Astral Flipping or Pace
Moby.
But what I do, because I.
I actually was with Pace Moby myself.
I was actually with Jamel.
Oh, wow.
Okay.
Yeah, so, yeah, that's where I got.
So my learning from.
But I've been to a lot ofother seminars as well.
But what I do, I kind of like,hold their hands.
(01:42):
I mean, because people likethose entities, Jamel and Facebook
are great, but they can't holdyour hand every step of.
The way, they're too busy, brother.
They're too busy.
You know me too busy.
And, and so what I do, I doone on one coaching.
I try to walk them through theprocess from A to Z like that.
But I do and trust me, man, Ihad to have a bottle of cedulants
(02:02):
and a bottle Advil becausethey don't understand.
It's like when you go toschool, like when I was in real estate,
I went, got my real estate license.
But you know, no disrespect toreal estate agents because that's
what, that's my love.
But when I left the realestate school and got into the real
world, I think I only use 5%.
And that same thing ishappening in the investment industry.
(02:22):
Yeah, I mean they get theseminars and they teach me straight
the right way.
But then when they get outhere, it's a culture shock.
So.
And that's what I do.
And I hold them, I hold thehand and sort of speaking and just
walk them through the process.
I mean it's a process, but Itry to make it like your show.
I try to make it as painlessas possible.
That's right, man.
Because that's what it has tobe for them.
(02:42):
You know, that has to be easyto the point.
So let me ask you this.
I mean there might be a lot ofpeople that watch this and I want
to reach out to you.
So what would you, you say,like you said, A to Z.
So what is a, A brief overviewof the A to Z process for you?
What?
So someone that's brand new,that's watching this can be like,
oh, okay, that's all it takes, right?
Well, A to Z is first.
Understanding is 90 is 5% business.
It's about 90 of marketing.
(03:06):
And it's not that it'sexpensive, you know, So I have to
teach them how they must startmarketing themselves.
Okay.
Some people do it part time,understand this.
But some people, you know,this is who they are.
But I try to teach them, youknow, the marketing aspect of it
first.
Okay.
You know, understand that likeit's not going to fall in their lap.
And sometimes they pay thecost to go to these seminars and
they come home and they thinkit's going to fall in their lap.
(03:27):
But people like Jamel, becauseI talked to Jim personally before,
people like us, we tell youyou have to do the work too.
You have to do the work.
We can give you education, butyou have to do the work.
That's A.
And then understanding theindustry as a whole, understanding
you know, that you areentering to a, A lifestyle, whereas
you have to understand how to negotiate.
People have issues and sopeople have circumstances that you
(03:50):
have to get past to get yourpoint across.
The main thing isunderstanding the process.
Okay, process.
And then understanding how toaddress the process.
Here's the problem.
A lot of understand theprocess, but they don't know how
to address the process.
You know, I mean, and theyunderstand the book lingo, but they
don't understand how toaddress the book lingo.
(04:10):
Right?
So that's what I do.
And then understanding thatyou have to take your emotions out
of it.
You have to take your emotionsout of it because it's all about
numbers.
And a lot of time they come inand they think that it's a good deal
or they think it looks like agood deal, or they try to plan their
construction, theircontractors and you know, all kinds
of stuff.
Take your emotions out of it.
If don't work, it ain't gonna go.
(04:31):
You know, I mean, especiallyright now.
Oh man.
Golly.
Especially right now.
It's like in the last two orthree weeks it's been like crazy,
the.
Shift and what market are youin, bro?
I'm in Dallas market.
I'm in Philadelphia market,Florida, North Carolina, South Carolina,
Georgia and St.
Louis.
So you pretty much help allthe people out there.
(04:52):
So I mean, that makes complete sense.
So tell us, I meant before wehopped on here, you were talking
about the importance ofanalyzing deals, right?
Like running.
Yes, let's talk about that.
That's number four, number five.
Okay.
And analyzing deals, doing theproper comp.
I mean, it's more to it, youknow, than 70 ARV.
It's more to, it's.
(05:12):
It's different.
It's different circumstancesthat's going to make this comp different
than the next.
And they have to understandit's just not the basics.
A lot of them come to me andthey say, well, it's 70 and.
And minus repairs.
First of all, who, who did the repair?
Who, who did the minus andrepair, whether you, you know, I'm
okay, whatever.
So you say, oh, 5K.
Yeah, that's not going tocover it.
So they gotta understand howto do the square footage, how to
(05:33):
do the numbers, how to do the calculations.
Because a lot of times it'sunsight unseen.
And so you always cannot go bywhat the seller or whoever presented
it to you stated.
It's going to need 20,000k 20k repairs.
It's best just to do your calculation.
It's true.
I Better.
You'll be better off.
And I know a lot of don't liketo hear this, but you better off
leaving meat on the table thanunderbidding the project.
(05:55):
I hear you, man.
Do their own calculation persquare footages.
So what would you recommendfor comps?
That seems to be a hard thingfor a lot of people.
Where do they get the right information?
Information, where do they getthe comps?
You know, you have batch.
Yeah, you have batch.
You know best leads.
You have a PV now and you haveprompt string.
Those are the main ones that I use.
I go to Zillow sometimes, butZillows kind of might.
(06:17):
Might make you lose a deal.
But I'm just saying, but like,so what I do what I do, what my team
do, which makes us stand out different.
Okay.
I comp.
I have four compers.
Oh, wow.
And when I do, I send themthrough all four.
And you know, here's the tr.
Here's the good thing about it.
I make sure none of myconference communicate on their copy
skills with one anotherbecause I want that diversity in
(06:38):
it in a company.
So when the people come to me,I send them through all four compers
and then I look at them and Idecide on this is where we need to
go.
So that's what we.
And we majored in that.
So we just took the time outto build a team to do that.
Now that's not to say thatyour comp or this other person cop
is not accurate.
We do something that I came upwith because I majored in that because
(06:59):
I am with a dispo.
So this way I know if I sayit's a deal, it's a.
It's a solid deal.
Yeah, just a deal versus amaybe because you got to buy all
sizes or buy and hold orwhether it need to get to hedge fund.
So we do that.
You know, we just set aside todo it that way.
Yeah, no, I totally get that.
So you, you got them, you gotBash leads, you got Prop Stream,
(07:22):
you got Privy, you got, youknow, Zillow occasionally, depending
on the estimate, you don'tusually go off of that.
Right.
So.
And we do reference too.
Yeah, Red.
Yeah, yeah, we try.
Now, on top of that, I havethree licensed agents with me, so
it depends on where they at.
One of them got is they.
They do.
They can do it in 42 states.
So we, we look at, we look atMLS company.
(07:44):
That's.
That's huge.
Yeah.
So we know that it's a dealfrom every aspect.
So that's what we do.
And it takes time, you know,to do that, which is why I know we
hadn't talked about this,which is why when a person come in
JV with me now, this isdifferent, Nate, because I think,
you know, I'm.
I speak for all of us.
That it's a lot of work doing that.
It's a lot of work doing these conferences.
(08:04):
It's a lot of work, man.
And the way they.
JV, man, it's like, you know,50, 50 if I find a buyer on your
deal.
And if you find a buyer onyour own deal, then I get zero.
Nah, I don't roll like thatbecause I put too much time in it.
So it's 50, 50.
If I find a deal, it's your deal.
But if you find your own deal,we talking about, like, at least
75, 25.
Wow.
Because of the work we put in.
(08:26):
I mean, I have four conference.
I mean, and when I just bow.
You know, my.
Me and my partner, Scott, whenwe dispo, we work hard at it.
You work hard at yours too.
And you work too hard forsomeone just to ride by and say,
okay, I'm going to.
You know, you.
You get somebody just right bysaying they like.
They like the property, andyou sell it to them.
And you didn't get all that work.
(08:46):
Yeah, but that's what used tobe back in the day, you know, I'm
talking about age, man.
But back in the long days whenit first started jv, that way, it
used to be, if I said, I'm JBwith you, I trust you, I believe
in you, I know your history.
So you and I gonna JV andwhoever find the deal, we're gonna
still.
We're gonna still split thisdeal as a JV partner.
(09:08):
Okay.
Used to be, but now it didn'tget crazy.
So let me.
Let me kind of get a littlebit better understanding.
So if someone brings you adeal and says, hey, I got a good
deal, you check it with yourfour compers and it's a great deal.
What is the split again?
It's negotiable.
I just threw that.
It's either 75, 25, or 80.
20.
If that's.
(09:28):
If you find the deal yourself.
After we had.
Did a JV agreement, of course.
So.
So that would be 80 to you.
No, 80 to them and 20.
Okay.
For finding the buyer.
Right?
For finding.
Let's see.
What.
What.
Want to make sure I get this straight?
It's your deal.
Okay, brought it to me.
But you happen to find a buyerfor Your own deal.
Okay.
Oh, if I brought a known buyer.
(09:48):
So I.
I have a JV deal, I bring itto you, say, help me find a buyer,
and then I end up finding my own.
You.
Right.
So you're saying, give me 20for the time that I spent with you.
Right, Right.
And I.
I think that we.
And I know a lot of ones thatdon't like this process say, oh,
man.
I think that's a process thatshould be put in place because we
put a lot of work in it.
We put a lot of effort in it.
(10:08):
And I think some people, whenthey get to hear people on, you know,
some of the groups that theysay, well, we're going to j the difference
between us and them.
We put a hundred percenteffort into it.
Right?
Yeah.
So I think you ought to just,you know, with that being said, pick
and choose your person youwant to JV with, check their background
out, do something.
And let me give you an example.
My guy Scott and I, we justwas working this deal like yesterday,
(10:32):
okay?
And we got a buyers andeverything is in Philly.
We got buyers ready to go inand sent their people out to inspect.
This buyer is in Florida.
Okay?
So he.
He hired.
He got a team that he sent inPhilly to go check out the property,
you know, and everything.
So that's a cost to him.
So lo and behold, he gets allthat done.
And yesterday we get a calland says that the.
(10:55):
The other JV person contractedthe property already.
Frustrating.
Yeah, that's very frustrating.
Now, if this.
But this.
Here's the thing.
The good thing about it is I was.
It was not a lot.
It's not a lot, but it was.
So I was able to compensatehim for.
For him having the people comein because of the.
This.
This Particular one was 75.
(11:16):
25.
Right, right, right, right.
And so it works.
And.
But that's a prime example ofwhat would happen if it was just
a 50.
50 split on the original JVand he gets nothing.
If you found your own deal andhe had these people come down here,
pay whatever you may have paidthem or whatever he had conversation
for, you do that.
So it's important.
(11:37):
I like that.
I like that.
So you're basically sayingthat you will JV with 50, but if
they end up finding their ownbuyer, you still want to cut just
because of all the time andenergy you put into that deal.
Right.
You have them sign somethingthat says that.
Yes.
What is it?
Is it.
Is it your JV agreement that says.
It says on there, you know, Imean, if.
If buyer.
(11:57):
I mean, if seller.
Yeah.
Subject.
Subject.
Jv.
Individual find his own dealon this.
JV on this.
On this account, then we'llget you.
It's negotiable.
We'll get 70, 20, and they get 80.
Or if I find the buyer on thedeal, then we'll do a 50, 50 split.
It states it on there.
And some of them don't like it.
And some of them don't.
(12:18):
Some of them don't like it.
Right.
And that's fine.
That's fine.
I mean, I.
I mean, I got so many peoplethat come to me now.
It kind of is a relief for me,but, like.
So how do they come to you, bythe way?
How can more people come to you?
I get about.
I don't exaggerate.
So I say I get about 20 dealsa week that comes to me.
How many of them are good, though?
About seven.
(12:39):
That's pretty good.
Yeah.
You know, I mean, so now here's.
Here's what I experienced.
I also experienced doing allthe work when I didn't have that,
and they.
And then they walk off and gosomeplace else.
So, yeah, I get deals comingto me.
Like right now, when I had toturn off for a minute ago, that was
because somebody was sendingme a spreadsheet, you know, I mean,
because they trust me and theyknow that I'm going to do what I
(13:00):
said I'm going to do and Ifollow up in my communications.
Yeah, I mean, I communicatewith them daily.
I take the time out.
This is different, because Iknow what I had to do.
I know how I came up, and Iknow what the issue that I was having
and communication was.
The biggest issues I washaving with individuals that were
disboying or jv, and it waslack of communication.
So I kind of keep them in tuneso they don't.
(13:21):
They don't be freaking out.
You know what I'm saying?
So is that necessary?
No, it's not really necessary.
It's just something that I do.
So I don't want individualfeel like what I'm saying is necessary
because it's not.
And a lot of people don't havethe time to do that.
I just take the time out.
I like it, man.
I like it.
Well, you heard it here first, people.
If you want a JV with my manKen Sykes, you can hit him up.
How can they reach you, brother?
(13:41):
They can go ahead on.
They can catch me on Facebookat Ken Sykes Senior.
They can inbox me or they cancall me at 214-946-0291.
And Patrick is in the processof completing my website.
I love it, man.
Sounds like you got a lot ofgood things going on, man.
If you're getting 20submissions a week, seven deals out
of those, that's pretty danggood, man.
That's pretty.
It's pretty good, man.
(14:02):
It's pretty good.
And the thing about it is, theteam have to be tight because they
got to keep the.
They gotta keep the chain rolling.
They got to keep it rolling.
So when one slack off, thetrain stops.
So we can't have them slack at all.
You can't, bro.
I love it.
Well, hey, Ken, I mean, Iappreciate your time.
Is there anything else youwant to leave?
A little gold nugget?
Anything you want to leave forthe world right now?
The worldwide fans of KenSykes, before we shut this thing
(14:22):
down.
Yeah.
Only thing I can say is justgive me a call and.
And I.
And I'll hook you up.
No, but, like.
No, Just make sure youunderstand how to comp your deals
and understand the criteriasfor the end buyers.
Okay.
And once you understand those,it'll make it a lot less simple.
It'd be making what we say andmake it painless.
That's right, brother.
(14:43):
Painless wholesaling.
That's what we do.
Right?
Right.
That's right.
Well, hey, Ken, I.
I'd love to, you know, networkwith you a little bit more.
I jv a lot with people, too,so maybe you might be able to collaborate.
Maybe you can help me movesome ideals.
I don't know.
We'll see.
We definitely gonna work together.
For sure.
Sounds good, man.
Well, hey, Ken.
All right.
You be good.
You be good, brother.
Appreciate your time, man.
Thank you.
Yep.
Bye.
If you want to save time andlearn how to invest in real estate
faster, go toinvestorthrive.com to master the
sales process from ourtraining so you can close more deals
with less leads.
Even if you're only doing thispart time, or if you don't know where
to start and need help, giveme a call at 385-398-9862 and let's
chat.
All right, what's going on, Ken?
(00:20):
This is Investor ThrivePodcast, and we're glad to have you
on here.
How you doing, Ken?
I'm doing great.
Yourself?
Good, good, good, good.
I appreciate you taking yourtime to be on the Investor Thrive
Nation podcast.
We call this the PainlessWholesaling podcast because what
we try to do is makewholesaling painless.
That's the goal here.
That's right.
That's.
That's right.
Right.
And you've been doing a good job.
I've been following you.
Hey, man, I thank you.
(00:41):
I appreciate that.
So, yeah, let's just kind ofdive right in, man.
I meant we.
We've kind of got networked.
That's kind of how I meet alot of people, just through networking
and stuff.
So let's kind of find out.
For people that don't know whoyou are, tell us who the real Ken
Sykes is.
Real cancer.
You know, they titled me Can'tKeep It a Real Sykes.
But, you know, I thrive onthat name because.
Let me introduce myself first.
I'm Ken Sykes.
(01:01):
I am a prior real estate agentfor 15 years some time ago, but now
I am a wholesale slashinvestor slash dispo is, which is
what I major in now.
And I try working with new wholesalers.
That's basically what I do ina nutshell.
Been in the business total nowfor 20 years.
And I just try to do what Ican do and help how I can help.
I love it, man.
I love it.
So you what, when you say workwith new wholesalers, what are you
(01:21):
mainly helping them do?
Well, basically a lot of themcome from, you know, other.
Other outfits, you know, Imean, like Astral Flipping or Pace
Moby.
But what I do, because I.
I actually was with Pace Moby myself.
I was actually with Jamel.
Oh, wow.
Okay.
Yeah, so, yeah, that's where I got.
So my learning from.
But I've been to a lot ofother seminars as well.
But what I do, I kind of like,hold their hands.
(01:42):
I mean, because people likethose entities, Jamel and Facebook
are great, but they can't holdyour hand every step of.
The way, they're too busy, brother.
They're too busy.
You know me too busy.
And, and so what I do, I doone on one coaching.
I try to walk them through theprocess from A to Z like that.
But I do and trust me, man, Ihad to have a bottle of cedulants
(02:02):
and a bottle Advil becausethey don't understand.
It's like when you go toschool, like when I was in real estate,
I went, got my real estate license.
But you know, no disrespect toreal estate agents because that's
what, that's my love.
But when I left the realestate school and got into the real
world, I think I only use 5%.
And that same thing ishappening in the investment industry.
(02:22):
Yeah, I mean they get theseminars and they teach me straight
the right way.
But then when they get outhere, it's a culture shock.
So.
And that's what I do.
And I hold them, I hold thehand and sort of speaking and just
walk them through the process.
I mean it's a process, but Itry to make it like your show.
I try to make it as painlessas possible.
That's right, man.
Because that's what it has tobe for them.
(02:42):
You know, that has to be easyto the point.
So let me ask you this.
I mean there might be a lot ofpeople that watch this and I want
to reach out to you.
So what would you, you say,like you said, A to Z.
So what is a, A brief overviewof the A to Z process for you?
What?
So someone that's brand new,that's watching this can be like,
oh, okay, that's all it takes, right?
Well, A to Z is first.
Understanding is 90 is 5% business.
It's about 90 of marketing.
(03:06):
And it's not that it'sexpensive, you know, So I have to
teach them how they must startmarketing themselves.
Okay.
Some people do it part time,understand this.
But some people, you know,this is who they are.
But I try to teach them, youknow, the marketing aspect of it
first.
Okay.
You know, understand that likeit's not going to fall in their lap.
And sometimes they pay thecost to go to these seminars and
they come home and they thinkit's going to fall in their lap.
(03:27):
But people like Jamel, becauseI talked to Jim personally before,
people like us, we tell youyou have to do the work too.
You have to do the work.
We can give you education, butyou have to do the work.
That's A.
And then understanding theindustry as a whole, understanding
you know, that you areentering to a, A lifestyle, whereas
you have to understand how to negotiate.
People have issues and sopeople have circumstances that you
(03:50):
have to get past to get yourpoint across.
The main thing isunderstanding the process.
Okay, process.
And then understanding how toaddress the process.
Here's the problem.
A lot of understand theprocess, but they don't know how
to address the process.
You know, I mean, and theyunderstand the book lingo, but they
don't understand how toaddress the book lingo.
(04:10):
Right?
So that's what I do.
And then understanding thatyou have to take your emotions out
of it.
You have to take your emotionsout of it because it's all about
numbers.
And a lot of time they come inand they think that it's a good deal
or they think it looks like agood deal, or they try to plan their
construction, theircontractors and you know, all kinds
of stuff.
Take your emotions out of it.
If don't work, it ain't gonna go.
(04:31):
You know, I mean, especiallyright now.
Oh man.
Golly.
Especially right now.
It's like in the last two orthree weeks it's been like crazy,
the.
Shift and what market are youin, bro?
I'm in Dallas market.
I'm in Philadelphia market,Florida, North Carolina, South Carolina,
Georgia and St.
Louis.
So you pretty much help allthe people out there.
(04:52):
So I mean, that makes complete sense.
So tell us, I meant before wehopped on here, you were talking
about the importance ofanalyzing deals, right?
Like running.
Yes, let's talk about that.
That's number four, number five.
Okay.
And analyzing deals, doing theproper comp.
I mean, it's more to it, youknow, than 70 ARV.
It's more to, it's.
(05:12):
It's different.
It's different circumstancesthat's going to make this comp different
than the next.
And they have to understandit's just not the basics.
A lot of them come to me andthey say, well, it's 70 and.
And minus repairs.
First of all, who, who did the repair?
Who, who did the minus andrepair, whether you, you know, I'm
okay, whatever.
So you say, oh, 5K.
Yeah, that's not going tocover it.
So they gotta understand howto do the square footage, how to
(05:33):
do the numbers, how to do the calculations.
Because a lot of times it'sunsight unseen.
And so you always cannot go bywhat the seller or whoever presented
it to you stated.
It's going to need 20,000k 20k repairs.
It's best just to do your calculation.
It's true.
I Better.
You'll be better off.
And I know a lot of don't liketo hear this, but you better off
leaving meat on the table thanunderbidding the project.
(05:55):
I hear you, man.
Do their own calculation persquare footages.
So what would you recommendfor comps?
That seems to be a hard thingfor a lot of people.
Where do they get the right information?
Information, where do they getthe comps?
You know, you have batch.
Yeah, you have batch.
You know best leads.
You have a PV now and you haveprompt string.
Those are the main ones that I use.
I go to Zillow sometimes, butZillows kind of might.
(06:17):
Might make you lose a deal.
But I'm just saying, but like,so what I do what I do, what my team
do, which makes us stand out different.
Okay.
I comp.
I have four compers.
Oh, wow.
And when I do, I send themthrough all four.
And you know, here's the tr.
Here's the good thing about it.
I make sure none of myconference communicate on their copy
skills with one anotherbecause I want that diversity in
(06:38):
it in a company.
So when the people come to me,I send them through all four compers
and then I look at them and Idecide on this is where we need to
go.
So that's what we.
And we majored in that.
So we just took the time outto build a team to do that.
Now that's not to say thatyour comp or this other person cop
is not accurate.
We do something that I came upwith because I majored in that because
(06:59):
I am with a dispo.
So this way I know if I sayit's a deal, it's a.
It's a solid deal.
Yeah, just a deal versus amaybe because you got to buy all
sizes or buy and hold orwhether it need to get to hedge fund.
So we do that.
You know, we just set aside todo it that way.
Yeah, no, I totally get that.
So you, you got them, you gotBash leads, you got Prop Stream,
(07:22):
you got Privy, you got, youknow, Zillow occasionally, depending
on the estimate, you don'tusually go off of that.
Right.
So.
And we do reference too.
Yeah, Red.
Yeah, yeah, we try.
Now, on top of that, I havethree licensed agents with me, so
it depends on where they at.
One of them got is they.
They do.
They can do it in 42 states.
So we, we look at, we look atMLS company.
(07:44):
That's.
That's huge.
Yeah.
So we know that it's a dealfrom every aspect.
So that's what we do.
And it takes time, you know,to do that, which is why I know we
hadn't talked about this,which is why when a person come in
JV with me now, this isdifferent, Nate, because I think,
you know, I'm.
I speak for all of us.
That it's a lot of work doing that.
It's a lot of work doing these conferences.
(08:04):
It's a lot of work, man.
And the way they.
JV, man, it's like, you know,50, 50 if I find a buyer on your
deal.
And if you find a buyer onyour own deal, then I get zero.
Nah, I don't roll like thatbecause I put too much time in it.
So it's 50, 50.
If I find a deal, it's your deal.
But if you find your own deal,we talking about, like, at least
75, 25.
Wow.
Because of the work we put in.
(08:26):
I mean, I have four conference.
I mean, and when I just bow.
You know, my.
Me and my partner, Scott, whenwe dispo, we work hard at it.
You work hard at yours too.
And you work too hard forsomeone just to ride by and say,
okay, I'm going to.
You know, you.
You get somebody just right bysaying they like.
They like the property, andyou sell it to them.
And you didn't get all that work.
(08:46):
Yeah, but that's what used tobe back in the day, you know, I'm
talking about age, man.
But back in the long days whenit first started jv, that way, it
used to be, if I said, I'm JBwith you, I trust you, I believe
in you, I know your history.
So you and I gonna JV andwhoever find the deal, we're gonna
still.
We're gonna still split thisdeal as a JV partner.
(09:08):
Okay.
Used to be, but now it didn'tget crazy.
So let me.
Let me kind of get a littlebit better understanding.
So if someone brings you adeal and says, hey, I got a good
deal, you check it with yourfour compers and it's a great deal.
What is the split again?
It's negotiable.
I just threw that.
It's either 75, 25, or 80.
20.
If that's.
(09:28):
If you find the deal yourself.
After we had.
Did a JV agreement, of course.
So.
So that would be 80 to you.
No, 80 to them and 20.
Okay.
For finding the buyer.
Right?
For finding.
Let's see.
What.
What.
Want to make sure I get this straight?
It's your deal.
Okay, brought it to me.
But you happen to find a buyerfor Your own deal.
Okay.
Oh, if I brought a known buyer.
(09:48):
So I.
I have a JV deal, I bring itto you, say, help me find a buyer,
and then I end up finding my own.
You.
Right.
So you're saying, give me 20for the time that I spent with you.
Right, Right.
And I.
I think that we.
And I know a lot of ones thatdon't like this process say, oh,
man.
I think that's a process thatshould be put in place because we
put a lot of work in it.
We put a lot of effort in it.
(10:08):
And I think some people, whenthey get to hear people on, you know,
some of the groups that theysay, well, we're going to j the difference
between us and them.
We put a hundred percenteffort into it.
Right?
Yeah.
So I think you ought to just,you know, with that being said, pick
and choose your person youwant to JV with, check their background
out, do something.
And let me give you an example.
My guy Scott and I, we justwas working this deal like yesterday,
(10:32):
okay?
And we got a buyers andeverything is in Philly.
We got buyers ready to go inand sent their people out to inspect.
This buyer is in Florida.
Okay?
So he.
He hired.
He got a team that he sent inPhilly to go check out the property,
you know, and everything.
So that's a cost to him.
So lo and behold, he gets allthat done.
And yesterday we get a calland says that the.
(10:55):
The other JV person contractedthe property already.
Frustrating.
Yeah, that's very frustrating.
Now, if this.
But this.
Here's the thing.
The good thing about it is I was.
It was not a lot.
It's not a lot, but it was.
So I was able to compensatehim for.
For him having the people comein because of the.
This.
This Particular one was 75.
(11:16):
25.
Right, right, right, right.
And so it works.
And.
But that's a prime example ofwhat would happen if it was just
a 50.
50 split on the original JVand he gets nothing.
If you found your own deal andhe had these people come down here,
pay whatever you may have paidthem or whatever he had conversation
for, you do that.
So it's important.
(11:37):
I like that.
I like that.
So you're basically sayingthat you will JV with 50, but if
they end up finding their ownbuyer, you still want to cut just
because of all the time andenergy you put into that deal.
Right.
You have them sign somethingthat says that.
Yes.
What is it?
Is it.
Is it your JV agreement that says.
It says on there, you know, Imean, if.
If buyer.
(11:57):
I mean, if seller.
Yeah.
Subject.
Subject.
Jv.
Individual find his own dealon this.
JV on this.
On this account, then we'llget you.
It's negotiable.
We'll get 70, 20, and they get 80.
Or if I find the buyer on thedeal, then we'll do a 50, 50 split.
It states it on there.
And some of them don't like it.
And some of them don't.
(12:18):
Some of them don't like it.
Right.
And that's fine.
That's fine.
I mean, I.
I mean, I got so many peoplethat come to me now.
It kind of is a relief for me,but, like.
So how do they come to you, bythe way?
How can more people come to you?
I get about.
I don't exaggerate.
So I say I get about 20 dealsa week that comes to me.
How many of them are good, though?
About seven.
(12:39):
That's pretty good.
Yeah.
You know, I mean, so now here's.
Here's what I experienced.
I also experienced doing allthe work when I didn't have that,
and they.
And then they walk off and gosomeplace else.
So, yeah, I get deals comingto me.
Like right now, when I had toturn off for a minute ago, that was
because somebody was sendingme a spreadsheet, you know, I mean,
because they trust me and theyknow that I'm going to do what I
(13:00):
said I'm going to do and Ifollow up in my communications.
Yeah, I mean, I communicatewith them daily.
I take the time out.
This is different, because Iknow what I had to do.
I know how I came up, and Iknow what the issue that I was having
and communication was.
The biggest issues I washaving with individuals that were
disboying or jv, and it waslack of communication.
So I kind of keep them in tuneso they don't.
(13:21):
They don't be freaking out.
You know what I'm saying?
So is that necessary?
No, it's not really necessary.
It's just something that I do.
So I don't want individualfeel like what I'm saying is necessary
because it's not.
And a lot of people don't havethe time to do that.
I just take the time out.
I like it, man.
I like it.
Well, you heard it here first, people.
If you want a JV with my manKen Sykes, you can hit him up.
How can they reach you, brother?
(13:41):
They can go ahead on.
They can catch me on Facebookat Ken Sykes Senior.
They can inbox me or they cancall me at 214-946-0291.
And Patrick is in the processof completing my website.
I love it, man.
Sounds like you got a lot ofgood things going on, man.
If you're getting 20submissions a week, seven deals out
of those, that's pretty danggood, man.
That's pretty.
It's pretty good, man.
(14:02):
It's pretty good.
And the thing about it is, theteam have to be tight because they
got to keep the.
They gotta keep the chain rolling.
They got to keep it rolling.
So when one slack off, thetrain stops.
So we can't have them slack at all.
You can't, bro.
I love it.
Well, hey, Ken, I mean, Iappreciate your time.
Is there anything else youwant to leave?
A little gold nugget?
Anything you want to leave forthe world right now?
The worldwide fans of KenSykes, before we shut this thing
(14:22):
down.
Yeah.
Only thing I can say is justgive me a call and.
And I.
And I'll hook you up.
No, but, like.
No, Just make sure youunderstand how to comp your deals
and understand the criteriasfor the end buyers.
Okay.
And once you understand those,it'll make it a lot less simple.
It'd be making what we say andmake it painless.
That's right, brother.
(14:43):
Painless wholesaling.
That's what we do.
Right?
Right.
That's right.
Well, hey, Ken, I.
I'd love to, you know, networkwith you a little bit more.
I jv a lot with people, too,so maybe you might be able to collaborate.
Maybe you can help me movesome ideals.
I don't know.
We'll see.
We definitely gonna work together.
For sure.
Sounds good, man.
Well, hey, Ken.
All right.
You be good.
You be good, brother.
Appreciate your time, man.
Thank you.
Yep.
Bye.
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